Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies and data solutions, today announced that its Board of Directors has approved a 14% increase in the Company's quarterly cash dividend and, effective immediately, a new $2.0 billion stock repurchase program to replace its previous $3.0 billion stock repurchase program, which had $2 million of remaining availability.
The dividend will increase from $0.14 to $0.16 per share of common stock and will be effective for quarterly dividends payable after March 28, 2008. This dividend increase raises the annual dividend to $0.64 per share of common stock.
“We are pleased to increase our cash dividend and expand our stock repurchase program,” said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. “We continue to execute on our strategic objectives, driving strong operating cash flows and enabling us to return capital to stockholders through stock repurchases and dividends.”
Since these programs began in 2003, the Company has returned $8.5 billion to stockholders through stock repurchases and cash dividends.
The stock repurchase program has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using the Company's cash resources and may be commenced or suspended at any time or from time-to-time at management's discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, in privately negotiated transactions, or through the use of derivative securities. The Company had approximately 1.6 billion shares of common stock outstanding as of March 10, 2008.
Qualcomm is hosting its annual stockholders' meeting on March 11, 2008 in San Diego, California. The meeting will be simulcast on the Company's website at www.qualcomm.com.
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2007 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.